- BCH/USD went down from $390.50 to $384 this Wednesday.
- Price may be consolidating before bulls test $400 level.
BCH/USD went down from $390.50 to $384 in the early hours of Wednesday. Bitcoin Cash looks like it is in a consolidation phase. If the bulls can gain enough momentum following the consolidation, the price will surpass $400. If that does happen, then it will be the first time since November 2018 when BCH/USD was able to do so.
BCH/USD Daily Chart
- BCH/USD is consolidating in a flag formation.
- The 20-day Bollinger band’s widening jaw shows increasing market volatility.
- The latest bearish session brought the price back inside the Bollinger band.
- The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
- The signal line has diverged away from the MACD line showing bullish momentum.
- The Elliot Wave Oscillator shows five consecutive bullish sessions.
- The relative strength index (RSI) indicator is still lurking inside the overbought zone though it looks like it will be creeping out soon.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.